Q2 in brief: better overall
Our impression is that Svedbergs Group's Q2 report is better than Factset consensus estimates overall. Svedbergs Group reports net sales of SEK 571m in Q1'25, for an organic growth of 5%. This was 3% vs. ABGSCe and 2% vs Factset cons. By segment, Svedbergs grew -3% y-o-y, still impacted by the lagging primary housing market but an improvement vs the -6% growth it reported in Q1, Roper Rhodes by 3% (~8% org.) and Thebalux by 2% (~6% org.). As such, both Roper Rhodes and Thebalux is likely to have grabbed market share in the quarter, and roper Rhodes' growth accelerated. Gross margins improved 280bp y-o-y driven by previous price adjustments. This was the primary reason for 120bp better EBITA margins y-o-y, for EBITA of SEK 83m. This was +5% vs ABGSCe and +2% vs cons.
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